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Alternative Assets  + Asset Management  + Crypto  + Crypto  + Markets  + Real Assets  |  June 28, 2023
Fidelity Set to File for Spot Bitcoin ETF
Joe Palmisano
By: Joe Palmisano

Fidelity Set to File for Spot Bitcoin ETF

Fidelity Investments is preparing to submit its own filing for a spot bitcoin exchange-traded fund (ETF), following in the footsteps of BlackRock and other asset managers, unnamed sources told crypto publication The Block.

The launch of a spot bitcoin ETF is seen as a significant development in the market, providing investors with exposure to bitcoin without having to directly deal with the asset.

This will be Fidelity’s second attempt at launching a bitcoin ETF, after its previous filing for its Wise Origin Bitcoin Trust was denied by the SEC.

Still, the $4.2 trillion asset manager has been involved in digital assets through its dedicated arm, Fidelity Digital Assets. Having entered the scene with the launch of its Ethereum trading service for institutional clients in late October 2022, Fidelity Digital Assets has established itself as a serious contender in the market.

BlackRock’s spot bitcoin ETF application, and other companies including Invesco, WisdomTree and Bitwisee joining the frenzy, has markedly improved sentiment in the space with the price of Bitcoin recently setting a new high for the year above $31,000.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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